Failure of India's Renewable Energy Certificate (REC) Mechanism as a Climate Finance Policy

Abstract

As one of the world's largest economies and a developing nation with significant vulnerabilities to a changing climate, India has taken efforts to address climate change through various policies and initiatives. Climate finance policies play a crucial role in supporting developing countries in their transition to low-carbon and climate-resilient pathways. However, despite India's commitment to climate action, there have been instances where certain climate finance policies have failed to achieve their intended objectives. This article examines the failure of a specific climate finance policy in India and analyses the factors contributing to its shortcomings.